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Greece: Construction firms fined for cartel practices

 |  August 6, 2017

Aktor was hit on Thursday with a €38.5 million (US$45.4 million) fine – a record in Greece – and another nine construction companies were fined, for a total of €80.7 million (US$95.1 million), concluding the first stage of the infamous case of the “contractors’ cartel” which, for a period of 23 years, from 1989 to 2012, were found to have been rigging the tenders for a series of public works, including those co-funded by the European Union.

On Thursday August 3, the country’s Competition Commission issued the eagerly anticipated verdict for the domestic companies involved in the cartel practices, which have secured a 15% discount to their fines in return for admitting their guilt. The decision on the foreign constructors involved, which has already been reached, will also be released in late September or early October.

Besides Aktor’s record fine, hefty penalties were also imposed on Terna SA (US$18.6 million) and J&P Avax (US$18.3 million). Intrakat will have to pay €4.3 million (US$5.1 million). Another firm, Technical Olympic, played a key role, but was relieved of any fines for its role in revealing details about the cartel.

Full Content: Press Release

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